by Adrian Ash on December 4, 2009
THE PRICE OF GOLD sank through $1200 an ounce for the first time in 3 days on Friday, falling fast to $1190 and below on news that US unemployment rose by just 11,000 last month.
Wall Street analysts had expected 111,000 job losses for November. The unemployment rate ticked down to 10.0%.
“We are bullish while [gold] achieves fresh highs, but cautious of any quick reversal,” said the latest technical analysis from Scotia Mocatta this morning, suggesting a trailing stop loss “below 1183 for short-term traders.”
[click to continue...]
VN:F [1.7.3_972]
Rating: 5.6/10 (5 votes cast)
VN:F [1.7.3_972]
by Adrian Ash on October 12, 2009
London Gold Market Report
08:30 EST, Mon 12 Oct.
Inflows to Gold “Speak for Themselves”, Financial Press Blames “Greater Fool Theory”
THE DOLLAR-PRICE OF GOLD ticked higher Monday morning in London, rising back through $1050 an ounce as world stock markets jumped and the Euro also gained vs. the Dollar.
Government bonds pushed higher, as did crude oil, base metals and soft commodities.
[click to continue...]
VN:F [1.7.3_972]
Rating: 0.0/10 (0 votes cast)
VN:F [1.7.3_972]
by Gabriel Andre on September 23, 2009
As the Australian Dollar has been quite bullish those past few months on the FX markets, let’s have a brief look at the main Aussie-related currency pairs: AUD/USD of course, but also AUD/JPY, AUD/GBP and AUD/NZD.
AUD/GBP: an important level has just been reached. It is actually a new historical high as the pair rose to 0.5349 (point B on the monthly chart). The previous high above 0.53 had been posted in May 1996 (point A). This could create an immediate resistance and generate a “double-top” technical pattern. A trend reversal may be expected then, especially as the AUD/GBP has been rising by 45% during the last 12 months (between points C and B).
AUD/USD: the pair has crossed above the resistance set at 0.85. This is a bullish signal. This breakout is likely to open the door towards 0.90, the next potential resistance level. After a short-term high posted at 0.8775 last week (point B), the price action is currently correcting slightly. It may test the previous resistance as the new support line, which is a typical move after a breakout.
[click to continue...]
VN:F [1.7.3_972]
Rating: 5.4/10 (5 votes cast)
VN:F [1.7.3_972]
by Gabriel Andre on September 9, 2009
In our last update (Money Morning of 5th of August) regarding the AUD/USD, here’s what we wrote:
“There is a resistance line at 0.85. This level corresponds to a previous low (point D posted in late august last year) that become a new high (point E posted in last September). This is clearly the target before a probable correction towards 0.81 in a first time.”
What happened actually is that the currency pair posted a high at 0.8477 on August 14 then slightly corrected towards 0.8150 just a few days later. However the bulls have been driving it back on the upside, and the objective of 0.85 that we were mentioning has been reached and cleared.
This target at 0.85 was a previous low where the price action strongly rebounded in January 2008 (point A on the chart). This level was eventually cleared as the pair was plunging in September last year. It then became a new resistance level (point E) a few weeks later. This point E was the peak of a bear market short-term rally.
[click to continue...]
VN:F [1.7.3_972]
Rating: 7.5/10 (4 votes cast)
VN:F [1.7.3_972]
by Gabriel Andre on September 4, 2009
Similarly with other major indices in the world, the S&P 500 is currently running out of steam. The most popular benchmark of the US stock markets has posted a high at 1,040 points last Friday (point B on the chart). However the bullish trend initiated in March seems to be completed as the indicators argue now for a correction.
Bulls versus Bears
[click to continue...]
VN:F [1.7.3_972]
Rating: 7.4/10 (5 votes cast)
VN:F [1.7.3_972]
